I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of the trading session on October 1, 2025, the market recorded 194 gainers, 50 decliners, and 39 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 1, 2025 trading session, buyers regained control, driving prices higher for most warrant certificates. Notable gainers included CLPB2502, CMBB2515, CSTB2515, and CVPB2513.
Source: VietstockFinance
Total market volume on October 1 reached 53.46 million CW, down 14.16%, while trading value hit 144.16 billion VND, a 2.7% decrease compared to September 30. CHPG2504 led the market in both volume and value, with 6.01 million CW traded, equivalent to 15.86 billion VND.
Foreign investors continued to net sell 5.13 million CW on October 1, with CSHB2512 and CVNM2518 seeing the highest net outflows.
Securities firms SSI, ACBS, HCM, KIS, and VPBankS currently lead the market in terms of issued warrant certificates.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method appropriate as of October 2, 2025, the fair prices of actively traded warrants are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to align with the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, adjusted for the respective warrant maturities.
According to this valuation, CVIC2507 and CVIC2508 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVNM2512 and CVNM2504 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 October 1, 2025
September 30, 2025: Prolonged Divergence in the Warrant Market
At the close of trading on September 29, 2025, the market saw 84 stocks rise, 154 decline, and 45 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 3.08 million CW.
Market Outlook for Warrants in Week 29/09–03/10/2025: A Mixed Trading Landscape
At the close of trading on September 26, 2025, the market saw 75 stocks rise, 159 fall, and 37 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 1.76 million CW.
Warrant Market Update: September 26, 2025 – Market Liquidity Plunges Further
At the close of trading on September 25, 2025, the market saw 96 stocks rise, 110 decline, and 39 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 2.05 million CW.
Warrant Market on September 25, 2025: Gaining Momentum with the Underlying Market
At the close of trading on September 24, 2025, the market saw 177 stocks rise, 36 fall, and 34 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 703,300 CW.
TFC Announces Record-Breaking Cash Dividend Payout
Trang Joint Stock Company (HNX: TFC) has announced a record-breaking cash dividend payout for 2024, marking the highest in the company’s history. Shareholders will receive a 20% cash dividend, equivalent to 2,000 VND per share. The ex-dividend date is set for September 30th.
